HMRC’s Nudge Letters Demand Urgent Review of Gift Hold-Over Relief Claim
Gift hold-over relief can be availed when you give away business assets, including certain shares, or sell them for less than their actual value to assist the buyer.
Buy-to-Let Landlords Incorporate in Response to Market Challenges
Learn how the tax environment and market conditions have become less favourable for buy-to-let landlords in the UK, and how some of them have opted to incorporate their properties into limited companies to improve their tax efficiency.
Crackdown on Undeclared Income Tax from Buy-to-Let Landlords by HMRC
HMRC intensifies efforts against undeclared income tax from buy-to-let landlords, revealing an 83% surge in cases, identifying 5,429 non-disclosing landlords, and recovering £33 million in the 2022/23 tax year. The Let Property Campaign, active for a decade, urges voluntary disclosure...
Renters’ Reform Bill Sparks Concerns in York’s Student Rental Market, YRLA Warns
The York Residential Landlord Association (YRLA) raises concerns about the Renters' Reform Bill impacting the student rental market in York. They criticize the bill for creating an uneven playing field, potentially leading to a crisis as landlords may struggle to...
EPC Standards Influence Landlords’ Property Preferences: Majority Avoid Sub-C Rating
Over 71% of landlords hesitate to invest in properties below EPC C due to upcoming regulations, aiming for a minimum standard by 2028. Aware of the changes, 57% plan to use savings, 33% consider rent increases, and 18% explore grants...
Buyer Loses £12k Stamp Duty Refund Appeal for Derelict Bungalow
Simon, a recent UK resident, faced a setback in his £12,350 stamp duty refund appeal for a bungalow his company purchased for renovation. Despite structural issues, the tribunal ruled the property was suitable for dwelling, citing the case of PN...
VAT Appeal Loss: Margate Director Faces £46k Penalty for Unpaid VAT on Gadget Sales
GB-Gadgets Ltd, a Margate-based business, lost its First Tier Tribunal appeal against a £46,726.79 penalty for failing to notify HMRC about outstanding VAT on gadget sales through online platforms. Despite claims of ownership shift and challenges to the assessment's accuracy,...
Buy-to-Let Sector Aims for Image Transformation Amidst Media Criticism
UK's buy-to-let sector grapples with financial challenges and negative media portrayal amid tax changes and rising mortgage rates. Experts argue against labeling landlords as greedy exploiters, highlighting a 40% tax burden on rental income. A survey shows many landlords prefer...
UK State Pension to Increase by 8.5% in 2024
The UK state pension is set to surge by 8.5% in April 2024 due to the 'triple-lock' policy, potentially reaching £221.20 per week. Savers face uncertainties in retirement planning, prompting calls for policy stability and an independent review to establish...
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